Start Consolidating student loans information

Consolidating student loans information

Timing is everything: You’ll need to complete all the paperwork and have it processed and approved before repayment begins.

You may also have access to a new repayment schedule (like an income-contingent plan) that’s a little easier on your wallet.

If you don’t care about the extra cash and just want a consolidation for the simplicity of a single monthly payment, you can use any money you save to pay down the principal.

If you can handle your monthly loan payment as is, carefully investigate how consolidating will change the total amount you’re expected to repay.

The following types of loans are eligible for consolidation: Yes, a married couple can jointly consolidate their loans, but it may not be a good idea.

Both methods involve taking out a new loan to better manage multiple, outstanding balances.

However, refinancing allows the borrower to seek better interest rates and repayment terms.

Public and private loans can’t be combined, but if you have multiple private loans, you can consolidate those, too; contact your lending institutions to find out how.